John Fredriksen sells oil company to Chinese buyers

John Fredriksen has sold drilling company Northern Offshore to Chinese buyers, informs the company on Monday. The price comes to around USD 165 million.

Shipping and offshore magnate John Fredriksen will now wave goodbye to one of the companies in his extensive portfolio - Bermuda-based Northern Offshore, says the company in a corporate statement.

The company has been bought by China's Shangdong Offshore Company for a total USD 164.2 million. With the acquisition, Shangdong Offshore Company takes over four drilling rigs and a floating production facility. Northern Offshore also has two jack-up rigs set for delivery, and these are also included in the transaction.

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